The funding will help Ummeed expand its presence, said a statement from Unitus Capital, the lender’s financial adviser on this deal.

Ummeed aims to expand its loan book from Rs 200 crore to over Rs 350 crore by the end of the current financial year, added the statement.

The lender was founded in January 2016 by Ashutosh Sharma, who had spent 25 years at Citibank, HSBC and Bank of Montreal. The company provides housing finance to families with low and informal income. It offers loans ranging from Rs 3 lakh to Rs 25 lakh for purchase of apartments, construction, improvement and extension of houses. It also makes loans against property.

Haryana, Rajasthan, Uttar Pradesh, and the National Capital Region are the key focus geographies of Ummeed.

The affordable housing space has seen some activity ever since prime minister Narendra Modi launched the ‘Housing for All’ scheme in 2015 to provide housing facilities to everyone in urban areas by 2022.

Last month, International Finance Corporation (IFC), the private-sector investment arm of the World Bank, had given debt of around $75 million to L&T Housing Finance Ltd, a subsidiary of L&T Finance Holdings Ltd, according to an IFC disclosure.